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Showing results for tags 'capital losses'.
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i just sold my rental property where do I enter the details on my tax documents. All my regular yearly information is already filled in making of the "Last year of operation" button. i just can't seem to find where to input the proceeds from sale, legal and realtor expenses. can anyone help please
Hi there, I'm hoping that someone might be able to point me in the right direction. in 2015 I sold some Mutual Funds. Some had a gain from the original book price, others were sold at a loss. Overall, it was a gain. I never received a T5008 form from my bank. I contacted them in March asking for the form, they said they would send it, but it's been a few weeks and I have not received it yet. The bank has advised that I can also use my investment statements to find the pertinent details (# of units, unit book price, sold amount and difference). I have those details now. I am attempting to input the capital losses into my UFile tax return, however the program tells me that I cannot enter a negative number into the return under the T5008: Statement of Securities Transactions: Income from Capital Gains. I also cannot enter the information into the Capital Gains (and Losses) window as both areas indicate that negative numbers cannot be entered. I would like to enter my capital losses into the tax program, and I'd also like to be able to use the capital losses to apply against my capital gains this year. Anyone know where and how to enter the capital losses from the 2015 tax year?
Example: If I had a net capital gain of $1,000 in 2012 then 50% x $1,000 = $500 would have been added to my 2012 net income and taxed. If I had a net capital loss in 2013 of $2,000 then I would want to carry back a portion of this to 2012. In the "Loss Carryback" section of UFile there is an "Amount of net capital loss to be applied" section. Questions: 1) Using the above example, should I carry back $1,000 or $500 in this section for 2012? 2) Will the carryback be reflected in my 2013 tax return as a credit immediately or will CRA do an assessment after I file my tax return? Thank you.